2012 Was A Great Year for Condo Sales on Seattle’s Eastside

by The Beaupain Team

Will there be any condos available to buy on Seattle's eastside in 2013? I asked this question last month. We won't have the statistics for January until the end up the month, but there were just a few for sale, and I mean just a few, in December. There were fewer than 300 condos for sale! I expect January numbers to be pretty low, too.

Condo sales are definitely out of the slump of 2008-2011. Prices are now starting to go up more condos are selling with less on the market. In 2008, the average number of condo sales per month was 168 sales. This year, there were 205 condos that sold on average each month.

In 2012, over 2300 condos sold on Seattle's eastside. The vast majority, over 1700, were priced under $350,000. At the opposite end of the spectrum, 4 condos sold for over $3,000,000. Median price jumped 6% for the year, while the number of condos for sale plummeted by 64%! It's always better to have the number of condos for sale plummet and prices to increase. It's much better than the other way around.

The past few years Seattle's eastside real estate has not followed the yearly trends we used to experience. Traditionally, there were booming spring sales, slow summers and a slight uptick in the fall. The busiest month for condo sales last year was in October, when 260 condos sold. The smallest number of condos that sold was in December, the month with the fewest condos for sale. There was consistent sales activity each month of 2012, while the number of condos for sale dropped drastically.

So will there be any condos for sale in 2013? Stay tuned to next month's update! Given the fact there are so few condos for sale, if you plan to make a move this year, now would be the time. With the competition at an almost all time low, the chance of selling your condo increases dramatically.

Eastside Real Estate • For Buyers • For Sellers • Market Statistics • Real Estate • December 13, 2012

The Hot Seattle Eastside Real Estate Market Helped to Warm Up Our Chilly November!

by The Beaupain Team

How did this past November's Seattle eastside real estate compare to November of 2011? Low inventory, strong sales, short market times, and increasing home values continued through November.

According to the Seattle Times, November had the lowest number of homes on the market in any given month since 1999!

Why are so few homes for sale? Some sellers are underwater, some are waiting for prices to go up, and some are just not ready to move. Given this situation, expect to see our great real estate market continue into next year.

Our listings have been selling in a "heart beat," which is not surprising given the lack of inventory. We've listed 3 homes since the beginning of December and all have sold with multiple offers in 4 days or less and for over full price! Remember we said this holiday season is a great time to sell your home.

The reality is, even in this market, not all of the listed properties have sold. The homes that go in a "heart beat" show well and are priced well. We've had wonderful sellers to work with who have done all the right thihgs to get their homes ready to sell. In addition, our staging, photography, and pricing structure have helped them to sell their homes for more than full price

Here are the specifics for November 2012 as compared to November, 2011:

45% of the available homes sold this past November, 20% sold in November, 2011.
Homes continued to sell quickly, in 66 days, which is down from 107 days in November, 2011.
Last year median pricing in November was $469,000. This year, median pricing was $525,000.

If you'd like more information specific to your home, don't hesitate to contact us. We'll do a wrapup of 2012 after the first of the year. Have a wonderful 2013.

Bellevue, WA • Eastside Real Estate • For Buyers • For Sellers • Issaquah, WA • Kirkland • Market Statistics • Real Estate • Redmond • Sammamish, WA • December 12, 2012

Will There Be Any Condos to Buy on Seattle’s Eastside in 2013?

by The Beaupain Team

Will there be any condos available to buy on Seattle's eastside in 2013? If we look at the chart, it sure looks like the number of available condos could disappear! Right now, if no more condos were to come on the market, it would take less than 2 months to sell those currently available. We really expect condos to be on the market next year, but it's clear we'll start out with little for sale.

The number of condos for sale in Bellevue, Kirkland, Issaquah, Redmond, Sammamish and other eastside cities has been cut in half since March of this year. That's a huge drop in a short amount of time.

Not as many condos sold this past month when compared to other months of this year. However, because the number of condos for sale is so small, 56% of the condos on the market sold last month.

Median pricing has increased from last year by $20,000 to $242,000.

We do expect the number of condos for sale to stay low in 2013 as many are still hoping to recover some of the value of their condos before making a move.

Stay tuned to the first of the year, which is just around the corner. We'll do a wrapup of this year's condo sales on Seattle's eastside.

Have a great New Year!

Bellevue, WA • Eastside Real Estate • For Buyers • For Sellers • Issaquah, WA • Kirkland • Real Estate • Redmond • Sammamish, WA • Windermere Real Estate • Woodinville, WA • December 6, 2012

Many Homes on Seattle’s Eastside Are Selling For Over Full Price!

by The Beaupain Team

In the third quarter of 2012, almost 30% of the homes that sold in the cities of Bellevue, Redmond, Kirkland, Sammamish, Woodinville, Issaquah sold for over full price! The demand by buyers for homes and the lack of inventory is creating this huge uptick in competition for a home. When more buyers are competing for the same house, the offers often have to be for more than full price to stand out from the competition. Many homes are now getting multiple offers and many, almost a third, are now selling for more than the asking price.

We've recently sold several listings in which the selling price was over $20,000 more than the asking price! In one instance, the home had come on the market only hours before. The buyers didn't want to take the risk that another offer would be written before the seller had time to respond, so they offered over full price. Another home sold within 48 hours. Three buyers made offers for that home.

As you can see in the above chart, the homes that sell for more than full price, sell for about 3% above the asking price, with the range from just a hair over asking price all the way to 22.5% above the asking price!

Twenty-one percent of the homes sold for full price. This means 51% of the homes on the eastside sold for full price or more!

The homes that sold above full price only lasted on the market, on average,16 days. Homes that sold for full price were on the market for about a month.

But what about the other 49%? (Not to be confused with the 47% that was talked about in the election)

Why did half the homes sell for less than full price if the market is so hot? More than likely, one of these reasons was the cause:

Location
Pricing
Condition
Marketing
Competition

You can't change the location or the fact that there is competition for a particular home. But when selling a home, you need to maximize your buyer attraction by pricing your home well, having it in stellar condition, and presenting it well to the buyers through fabulous marketing.

If you have questions about how to have your home be one of the 51% that sells for full price or more, feel free to contact us!

For Buyers • For Sellers • Make More Money Selling Your Home • Market Statistics • Real Estate • November 26, 2012

Should You Put Your Home on the Market on Seattle’s Eastside During the Holidays?

by The Beaupain Team

Yes, yes, yes!

You should put your Eastside-King County house on the market now and I'll tell you why:

First, here are the "market" reasons:

We have one of the lowest number of homes for sale and the highest number of sales in the last 15 years!

In October, the last month in which we have statistics, there were 1,821 homes for sale, which was 45% less than October, 2011! There were 67% fewer homes for sale than in 2008!

October had the most Eastside pending sales (1,202) of any October in the last 15 years! The average number of October sales for the has been 867 home sales, which means this October was 39% higher than the 15 year average!

With these high sales numbers, buyer demand is unusually strong for this time of year.

Emotional/personal reasons:

There are a lot of buyers out there who are jumping on homes to buy the minute they hit the market. We know because that just happened for one of our sellers. The home was gone in a matter of hours.

Because most people don't think it's a good time to put your home on the market, it's exactly the right time to do it. Most sellers will wait until after the first of the year, but there's less competition during the holidays.

Buyers are worried they won't find a good home if they wait too long. Buyers are out there and making offers to buy homes.

Homes are warm and inviting during the holidays. This is the time of year when people feel like "nesting" at home. A cozy home only supports the feeling. The holidays bring rise to all kinds of homey feelings.

Many homes can actually show better during the holidays. Homes are nicely decorated, making the home feel more warm, colorful, and personal.

If you're planning to sell your home in the next 6 months, rethink your plan and consider going on the market during the holidays. Happy Holidays! (And it that doesn't work, then get on the market early in the year!)

Eastside Real Estate • For Buyers • For Sellers • King County Real Estate • King County, WA • Market Statistics • Real Estate • Seattle real estate • November 15, 2012

Are Distressed Sales a Big Part of the Real Estate Market on Seattle’s Eastside?

by The Beaupain Team

Not only is the Seattle Eastside Real Estate market on a roll, the number of distressed sales (bank owned and short sales) has declined dramatically. In the 3rd quarter, only 18% of the homes sold on the eastside were distressed sales. Seattle and the rest of King County also had numbers that were on the lower side when compared to previous quarters.

Actually, it would be great if more distressed homes came on the market. We need more homes to sell. King County and, subsequently, the eastside are at a record low number of homes for sale. Because of this lack of inventory, distressed sales are needed on the market and, unlike previous years, would not have a detrimental affect on home prices. At this point, it would be a good thing for the market by offering buyers more choices.

So bring those homes for sale on the market. Bring them on!

Eastside Real Estate • For Buyers • For Sellers • Market Statistics • Real Estate • November 14, 2012

October, The Best Month to Sell a Seattle Eastside Condo in 5 Years?

by The Beaupain Team

When 288 condos out of 363 sell in a month, the odds are incredible! In fact, the chances of selling your condo in October was 79%!

With the low supply of condos for sale, prices are rising. Phew! It's so good to be able to say that.

Because there's still a number of foreclosures and many condo owners are underwater, expect the supply of condos continue to be limited. Expect the stronger market to continue into 2013.

My tips for people in the condo market remain the same as last month, so here goes:

What does this all mean if you are thinking of selling or have your condo on the market?

If your condo takes a long time to sell, then it is either overpriced or is not marketed well. Make sure your condo has great online photos to start. Staging can also be a big plus. Good pricing and great photos are the two most critical marketing pieces to getting your condo sold. Remember this is how buyers and other agents "see" your home first, so the pricing and online marketing are crucial to getting buyers through the door to actually see your condo and make an offer to buy it.

What does this all mean if you are a condo buyer?

This is the time to make a purchase. With the short supply, pricing should continue to increase. Remember, too, that interest rates are still incredibly low. Don't forget to check the financial viablity of an condo association you're thinking of buying into. In a blog post I wrote a few months ago, I listed some of the important things to look for when checking condos out. The post looks at the issue from the seller's point of view, but these issues should be important to any buyer. Fortunately for the buyer, the law requires a seller to provide the answers in the form of a resale certificate which is reviewed as one of the conditions of an offer.

If you have any questions about the condo market, please feel free to contact us.

Bellevue Real Estate • Eastside Real Estate • For Buyers • For Sellers • King County Real Estate • Kirkland • Market Statistics • Real Estate • November 7, 2012

Seattle Eastside Real Estate in October, 2012? Fabulous!

by The Beaupain Team

How did this past October's Seattle eastside real estate compare to October of 2011? Can you say FABULOUS! This October was a fabulous real estate market in every way, fewer homes for sale, more sales, shorter market times, and a clear trend of increasing home values.

Here are the specifics:

51% of the available homes sold this past October, 21% sold in October, 2011. Over half the homes on the market sold!
Homes sold in 62 days, which is down from 97 days in October, 2011. Homes are selling fast!
Last year median pricing in September was at $469,000. This year, median pricing was $515,000.
Homes sold within 4% of the original asking price.

Did the number of sales increase?

Yes, by a whopping 47%!

Did prices continue to increase?

Yes, they've continued to increase. Median pricing for the Seattle eastside has been $500,000 and above every month since May of this year, which clearly indicate a strong trend.

How does all this information impact you, if you're a seller? This is the best time to sell your home in 5 years!

Know how quickly homes in your area are selling. If your home is on the market for longer than the competition, your home is overpriced. If you have a lot of showings and your home does not sell, it's overpriced. If you have very few showings, then your home is overpriced. Since there are so few homes on the market, if your home is priced right and shows well, it will sell. If it's not, then it will sit there. In this market your home should be selling, if not, then look at your asking price. Even though there is not a lot for sale, buyers will still not overpay for a house.

How does this information impact you as a buyer?

Prepare yourself and become familiar with what you can buy for the money in your favorite locations. Take your time to do this. When you're comfortable with what's available, then it's easy to make a quick decision when the right house comes up. Expect multiple offers, if the house is a good one. Be prepared with a preapproval letter to accompany your offer. If it's a well priced home that shows beautifully, expect it to sell quickly and for close to, if not, full price.

If you'd like more information specific to your home, don't hesitate to contact us.

For Buyers • For Homeowners • For Sellers • Real Estate • October 15, 2012

Top Ten Ways to Turn a Buyer Off To Your Home

by The Beaupain Team

You've decided to sell your home. Now buyers will be coming by to see your home. These buyers will decide if your house can be their home.

It feels strange to have people walking through your home. It also feels strange to have photos of your home online for all the world to see. Selling a home is not like living in a home. When you live in your home, it's your private retreat where you can keep you home as clean or as messy as you want. But now your home is "on the market" with online photos and buyers coming by. It's a very different experience, which means you will need to live differently.

Here are ten things you should not do while your home is for sale.

1. Be home during the showing. Leave when buyers are coming so they feel comfortable looking through all the rooms, cabinets, and closets. Buyers will feel free to discuss whether a home works for them.

2 Offer to show buyers around. Often sellers focus on what they think is important and what they love, but it may it may not be what a buyer loves. Imagine you had a gorgeous jacuzzi style tub and showed it off to buyers. If the buyers prefer showers, the jacuzzi tub may mean nothing. When sellers show buyers around, it makes the buyer feel you're still too tied to your home and not ready to sell.

3. Draw blinds and leave lights off. A house that feels dark doesn't feel warm and comfortable.

4. Have an unmade bed. Need I say more about this?

5. Leave dishes in the sink and on the counters. Again, pretty self explanatory, but buyers really don't want to see your mess.

6. Leave personal items out in the bathroom. No one wants to know you brush your teeth or blow your nose. Buyers want to feel the bathroom is pristine and ready for them.

7. Your PJ's on the floor. Oh, please.

8. Smoke smell. Buyers worry it will take a professional cleaning to eliminate smoke smell or the smell cannot be eliminated at all.

9. Cooking odors. Many people love to cook, but they don't want to smell food when they look at homes.

10.Unsecured pets. Make sure your pets, who think they need to protect your home, are secured and don't interfere with buyers who are looking at your home.

There are many other things you should not do that will detract from the buyer's experience when viewing your home. Remember, the buyer needs to feel good about your home if they plan to buy it. If they think the house is unkempt or you make them feel like they're intruding, more than likely they'll go buy another home. Show buyers you're ready to sell. Give them a positive picture and the "space' to buy your home.

Bellevue, WA • Issaquah, WA • Kirkland • Redmond • Sammamish, WA • Woodinville, WA • September 27, 2012

On September 29th, Go to Your Seattle Eastside Supermarket and Donate Food to The Eastside Month of Concern for the Hungry

by The Beaupain Team

Please think about shopping and donating to the drive on September 29th all over the eastside at supermarkets in Bellevue, Kirkland, Redmond, Issaquah, Woodinville and Sammamish. The Eastside Month of Concern for the Hungry campaign to fill Seattle-Eastside food bank shelves is happening this weekend. Many supermarkets all over the eastside will have volunteers ready and waiting to pick up food and cash donations for such Eastside institutions as Hopelink, the Emergency Feeding Network, the Issaquah Foodbank, and The Mercer Island Foodbank. Food bank shelves are a little barer this time of year and the need for food on the eastside has only increased over the last few years.

Part of living in a home in a neighborhood is part of being in a community. Help your community out by donating even a little to those who are less fortunate.

Happy shopping!